Washington Report 360 | September 7, 2018

In this issue....

Key highlights

The CFTC Chair outlined proposals to revise the CFTC's rules for cross-border swaps trading and indicated a related White Paper is forthcoming.

The President signed an Executive Order directing the Secretary of Labor to review policies to expand the availability of, and access to, multiple employer retirement plans and the Secretary of the Treasury to review and potentially update mortality and distribution tables associated with retirement plans.

Financial services legislative and regulatory news

The five federal financial regulatory agencies responsible for implementing the Volcker Rule extended until October 17, 2018 the comment period for their proposal to simplify and tailor compliance requirements.

The CFPB issued an interpretive and procedural rule to implement and clarify amendments to the HMDA made by the EGRRCPA; the CFPB also issued updates to the Filing Instructions Guide for HMDA data collected in 2018 reflecting these amendments.

FINRA proposed to amend FINRA Rule 2360 (Options) to increase the position limit for conventional options on several exchange-traded funds.

Financial services policy news

The CFTC Chair outlined proposals to revise the CFTC's rules for cross-border swaps trading, including adopting an outcomes-based approach for substituted compliance in non-U.S. markets. His remarks were based on a White Paper that is expected to be published in the near term.

The President signed an Executive Order directing the Secretary of Labor to review policies that would expand the availability of, and access to, multiple employer plans as a workplace retirement option, and directing the Secretary of the Treasury to review mortality and distribution tables to reflect current data.

The Senate confirmed Elad Roisman as an SEC commissioner; all positions on the commission have now been filled.

The U.S. Chamber of Commerce released its Privacy Principles, including support for a national privacy framework, risk-focused privacy protections, and investment in compliance programs to protect individual privacy.

The FDIC issued its latest Supervisory Insights, which highlights bank lending to the oil and gas sector as well as examiner observations from a horizontal assessment of credit risk grading systems.

The Federal Reserve and the FDIC extended the resolution plan filing deadline for a designated nonbank to December 31, 2019 and the deadline for four foreign banking organizations (FBOs) to July 1, 2020 to allow the entities a minimum of two years between resolution plan submissions.